PKF Associates collaborates with DTB to organise training programme for SMEs

30 January 2019 2 min. read

Global financial advisory network PKF International has collaborated with the Diamond Trust Bank in Tanzania to organise a training and education programme, targeted specifically at the small and medium enterprise sector in the Tanzania’s Dodoma province and its suburban regions.

Specifically, PKF International’s Tanzanian member firm PKF Associates is involved with the initiative. The firm offers a range of business advisory services in Tanzania, with a special emphasis in tax and financial services. The training programme represents another dimension of PKF Associates’ operations in the country.

As Tanzania – and the broader region of East Africa – becomes an increasingly attractive region for foreign investment, it is imperative that small and medium enterprises (SMEs) operating in the region engage in innovative means of navigating an increasingly competitive market.

The programme is aimed at ensuring that these firms have a strong foundation upon which to build, specifically by informing them about the various shifting regulatory frameworks with which to comply. For instance, the workshop informed SMEs about the Finance Act that became effective in July last year.

PKF Associates collaborates with DTB to organise training programme for SMEs

The new law stipulates a number of regulations around tax and employment, which most firms might not be aware of. PKF’s partner in the initiative – DTB – introduced SMEs to its various offerings in the financial domain, including guarantees, letters of credit, premium financing, transfer services and cash in transit.

Information was disemminated via individual interactions with bank and consulting firm officials at the event, which not only represented an important training programme but also a key opportunity to network with other SMEs operating in various sectors of the Tanzanian economy.

Commenting on the event, CEO and Chairman of DTB Tanzania, Viju Cherian said, “We have set a target to conduct similar SME workshops across our branch network, to enlighten the SMEs on good business practices – from book keeping, business compliance and credit management, which are all key ingredients for successful business management.”

“SMEs are a very special segment of the economy that needs sustained support. DTB Tanzania have granted loans of more than 285 billion/- to Tanzanian SME businesses. The SME loan book represents 40% of the Bank’s total loan portfolio,” he added.